Kotak Mahindra Bank developing app to cater to corporate clients

By: |
Mumbai | March 26, 2016 12:13 AM

Kotak Mahindra Bank is now working on developing a new mobile application that will exclusively cater to corporate clients, Deepak Sharma, executive vice-president Digital Initiatives, told FE.

Kotak Mahindra Bank is now working on developing a new mobile application that will exclusively cater to corporate clients, Deepak Sharma, executive vice-president Digital Initiatives, told FE.

The company already has two mobile applications for its retail customers. One of them is the flagship application while the other is an offline SMS-based application catering to the needs of customers who do not have access to the internet all the time. The latter is available in six languages.

“We are working on developing an app for corporate clients. Needs of corporate clients are very different from the needs of the average retail consumer. Corporate clients need to use banking services way more often,” Sharma said.

The bank is now looking to identify various ways through which it can bring about ease of transacting for corporate users.

This is not the first technology-based initiative the bank has undertaken in recent times. Earlier this week, Kotak Mahindra Bank launched its first ‘e-lobby’, a kiosk which allows customers and non-customers alike to transact when on the move, at the Andheri metro station in Mumbai. The bank is planning on opening a second one at the Versova metro station soon and is trying to identify other high traffic spots to set up more. These e-lobbies enable customers to conduct transactions like depositing a cheque, withdrawing money, applying for a loan and transferring funds online.

“The e-lobby is a place where everyday commuters, both customers and non-customers, can transact when they are on their way somewhere. Basically, it helps us connect on a personal level with customers and potential customers,” Sharma said.

Kotak Mahindra Bank is now looking to digitise all its processes, both on the bank’s end as well as the customers’.

The idea is to streamline its processes and raise efficiencies with a focus to cut costs wherever possible and augment fee income.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1No clamour or rush for restructuring of loan, says SBI Chairman Rajnish Kumar
2Micro loans disbursement falls 96% in Q1 as borrowers struggle for livelihood amid pandemic
3Parliament passes bill to bring cooperative banks under RBI’s supervision